EQS-News: AGRANA Beteiligungs-Aktiengesellschaft / Key word(s): 9 Month
figures
AGRANA strongly improves earnings in first three quarters
11.01.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AGRANA strongly improves earnings in first three quarters
• Revenue: € 2,947.8 million (+7.5%; Q1-Q3 prior year: € 2,742.5
million)
• EBIT: € 149.4 million (+197.6%; Q1-Q3 prior year: € 50.2 million *)
• EBIT margin: 5.1% (Q1-Q3 prior year: 1.8%)
• Profit for the period: € 78.1 million (+1,346.3%; Q1-Q3 prior year:
€ 5.4 million)
• Outlook: Reiterating the forecast for the full year 2023|24 of a very
significant increase in EBIT and moderate growth in revenue
In the first three quarters of the 2023|24 financial year (the nine months
ended 30 November 2023), AGRANA, the fruit, starch and sugar company,
generated an operating profit (EBIT) of € 149.4 million (Q1-Q3 prior year:
€ 50.2 million *). Revenue was € 2,947.8 million (Q1-Q3 prior year:
€ 2,742.5 million). AGRANA Chief Executive Officer Stephan Büttner said:
“Given the continuing volatile global business environment, we are pleased
with how our financial year has gone to date. We improved our operating
performance in almost all business areas. Although we see increasingly
challenging business conditions in the fourth quarter of 2023|24 and the
subsequent months, we nonetheless expect very significant growth in EBIT
for this full financial year.”
Results in each business segment
FRUIT segment
Revenue in the Fruit segment in the first three quarters was € 1,178.9
million, an increase of 7.7% above the year-ago value. Fruit preparations
revenue rose for price reasons. In the fruit juice concentrate activities,
revenue remained stable. The Fruit segment’s EBIT in the first nine months
reached a profit of € 50.1 million (Q1-Q3 prior year: EBIT loss of € 51.6
million). In Asia we are experiencing a sustained deterioration in the
market environment. As a result, as of 30 November 2023 in EBIT, an
impairment charge of approximately € 16 million was recognised on assets
in Asia. The fruit juice concentrate business grew its earnings
significantly compared to the already good year-earlier period. This was
driven primarily by improved contribution margins both of apple juice
concentrates made from the 2022 crop, and of beverage bases.
STARCH segment
Revenue in the Starch segment in the first three quarters was € 907.4
million, moderately below the value of the same period one year earlier.
This year, the nine-month reporting period saw a gradual normalisation in
market prices for starch products due to declining energy and raw material
prices. Ethanol revenue fell significantly, owing to a sharp year-on-year
drop of about 27% in Platts prices. EBIT of the Starch segment, at € 58.0
million, was therefore down significantly from a year ago.
SUGAR segment
The Sugar segment had revenue of € 861.5 million in the first three
quarters, up 30.6% from one year earlier. This growth, achieved despite
lower sales volumes, was driven by a substantial rise in sugar selling
prices; the price trend was very positive both in the reseller business
(wholesalers and retailers) and the industrial market. EBIT, at € 41.3
million, represented an improvement of 19.0% from the year-earlier period.
The detailed financial results are provided in the interim statement for
the first three quarters of 2023|24
—> (1)LINK
Outlook
For the full 2023|24 financial year, AGRANA expects very significant
growth in Group EBIT. The Group’s revenue is projected to show moderate
growth. The positive EBIT guidance reflects the robust operating
performance in the first three quarters of the financial year. From the
fourth quarter of 2023|24 and in the subsequent months, AGRANA sees an
increasingly challenging business environment.
In the 2023|24 financial year, the AGRANA Group is investing € 140
million, an amount significantly greater than the prior year’s investment
and than the budgeted depreciation of about € 120 million for this year.
Around 14% of this capital expenditure will be for emission reduction
measures in the Group’s own production operations, as part of the AGRANA
climate strategy.
About AGRANA
AGRANA converts agricultural raw materials into high-quality foods and
numerous industrial intermediate products. About 9,000 employees at 55
production sites worldwide generate annual Group revenue of approximately
€ 3.6 billion. Established in 1988, the company is the world market leader
in fruit preparations and the foremost producer of fruit juice
concentrates in Europe. As well, its Starch segment is a major
manufacturer of custom starch products (made from potato, corn and wheat)
and of bioethanol. AGRANA is the leading sugar producer in Central and
Eastern Europe.
For queries, please contact:
Markus Simak
Public Relations
+43 1 21137 12084
(2)markus.simak@agrana.com
Hannes Haider
Investor Relations
+43 1 21137 12905
(3)hannes.haider@agrana.com
This announcement is available in German and English at (4) www.agrana.com.
* EBIT in the first three quarters of the prior year (2022|23) included an
impairment charge of € 91.2 million on assets and goodwill in the Fruit
segment.
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11.01.2024 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
═════════════════════════════════════════ ═════════ ════════════════════════ Language: English Company: AGRANA Beteiligungs-Aktiengesellschaft F.-W.-Raiffeisen-Platz 1 A-1020 Vienna Austria Phone: +43-1-21137-0 Fax: +43-1-21137-12926 E-mail: investor.relations@agrana.com
Internet: www.agrana.com
ISIN: AT000AGRANA3
WKN: A2NB37
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Munich, Stuttgart, Tradegate Exchange; Vienna Stock Exchange
(Official Market)
EQS News ID: 1812351
End of News EQS News Service
1812351 11.01.2024 CET/CEST
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